Traditional New Year’s resolutions, like losing weight, exercising more and spending more time with family are all well and good, but they’re not necessarily going to make you rich. Instead of (or if you’re really ambitious, in addition to) traditional resolutions, focus on your trading career. Make improving yourself as a trader your number one priority in the New Year.
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At a loss for what some good trading resolutions could be for the year ahead? Here are some ideas for how you can vow to improve your trading trajectory in the new year. These resolutions are accessible and reasonable for traders at all levels, and will help you make amazing progress.
1. Learn everything about penny stocks. Make this the year that you learn the ins and outs of trading penny stocks. While it’s important to learn the basics, you can’t just memorize a few key trading terms and call it good. You really need to immerse yourself in penny stocks and learn to understand them.
The fact is, you’ll always have to continue learning about penny stocks as you go. However, there are certain basics about how to trade penny stocks that will serve you your entire career long. By mastering these basics, you’ll be doing your career–and your bottom line–a solid. My free e-guide to how to trade penny stocks is a great (and free) resource to start with.
2. Get serious about your trading career. Maybe you got curious about trading penny stocks in the past year or so. Make this year a year of action by getting in the game.
The Tim Sykes Millionaire Challenge is exactly the vehicle that can take you from penny stock basics to actually trading. Created to fill in a huge gap in the trading world, my Millionaire is designed to help you progress from learning the basics to applying them in an actionable, real-world way. If you want to make day trading a reality, make joining my millionaire one of your New Year’s trading resolutions.
3. Get in touch with your goals. This is an enjoyable resolution to make. To really ramp up your trading career. resolve to get in touch with your goals on a regular basis. Yes, in a way this means that you have permission to daydream.
By remaining closely in touch with your goals, you’ll remain in touch with your motivation. So on a daily or weekly basis, check in with yourself. Remind yourself of what your goals are, and adjust as needed when your desires shift or if you feel like you need to break them into more bite sized portions. By frequently getting in touch with your goals, you’ll be more likely to remain hungry for success.
4. Study every day. If you really want to get serious as a day trader and begin making serious money, make a New Year’s trading resolution to study every day.
Studying to the point of obsessiveness is the difference between traders who thrive…and those who don’t survive. It’s the truth: as many as 90 percent of day traders fail. To a large degree, this is because many people aren’t willing to put in the work necessary to succeed. Make a resolution to study every single day. Monitor charts, do research, listen to podcasts, and watch. It will make a difference.
5. Create a network. If you don’t have a great network, make this one of your New Year’s trading resolutions. Any great trader will tell you that they are only as good as the people who surround them. So who surrounds you?
Ideally, your network will include plenty of trading peers. Maybe this is other students who are part of the Tim Sykes Million Challenge Team. But fellow traders shouldn’t be the sum total of your network. It also should include a mentor or guide who is further along in their career than you. Additionally, it should include your family and friends. Even if they don’t understand what you do, they can still be supportive to you on your path.
6. Make productive mistakes. To resolve to not make mistakes would be stupid. It’s simply not possible. There are too many variables when trading penny stocks. Even well established and rich and successful traders still make mistakes.
However, you can make it one of your New Year’s trading resolutions to make your mistakes productive. What does this mean? It means that when you make a mistake, you take a time out and consider what you did wrong and what you could have done differently. And then, you use this information so that moving forward, you don’t make the mistake again. I see traders making the same stupid mistakes over and over, and it’s simply because they don’t have the self awareness to realize it. It can be hard to self analyze, but it can pay off big time in your long term success.
7. Become a better trader. Don’t dream it, be it. If you want to become a better trader, an important first step is resolving to do so. Make a firm decision to improve your trading. Then, figure out how to do it.
Many of the tips or New Year’s trading resolutions already listed will help you become a better trader. But you can really seal the deal by making a specific resolution to become a better and higher-grossing trader. Setting your sights on success as a specific goal is one of the best ways to make your financial dreams a reality.
If you want to make this the year that you become a millionaire, then you’ve got to take specific steps to work toward that goal. Setting New Year’s trading resolutions and sticking to them will work wonders in terms of getting you where you want to go.
Where do you want take your trading in 2018, leave a comment stating your goals and then work every day to actually achieve them!